Revamped Bumi loses its boss

Nick von Schirnding — who handled the highly public battle between Nat Rothschild and the founding Bakrie family of Indonesian miner Bumi — is to step down as chief executive of the renamed Asia Resource Minerals.

Schirnding, who will leave at the end of the month, said: “When I took over as chief executive at the end of 2012, the company needed an urgent and substantial overhaul — that job is now done. A solid platform has been built for sustained value creation.”

His successor is independent non-executive director Amir Sambodo.

Under Schirnding, Bumi discovered financial irregularities at its main asset Berau coal mine which have led to criminal and civil proceedings.

Asia Resources Minerals recently returned $465 million (£276 million) in cash to shareholders.